Okanagan Real Estate Strongest in Eight Years

July 20, 2015

Penticton – A Place To Stay Forever

According to The Okanagan Mainline Real Estate Board (OMREB) sales of Multiple List Service (MLS) properties for the month of June (2015) are at the highest they have been within the last eight years. When comparing June last year sales activity is up 5% and the overall housing market has improved 8% this year on a whole compared to the identical six month period last year.

Okanagan real estate sales haven’t been this good since 2007 and the BC economy is out performing the rest of Canada in key areas such as population growth, consumer confidence, and a strong consumer demand of real estate. The OMREB President, Christopher Miller, is quoted as saying that homes “Sell 72 days on average.”

It is definitely a sellers market right now, with some areas experiencing shortages, such as low priced detached units.

The Central Okanagan is the current real estate hot spot at the moment, while the northern Okanagan has actually seen sales drop by eight percent compared to last year, and Penticton only rose 1%.

Considering the low population density of Penticton and the rest of the South Okanagan the real estate market is still considered to be doing very well.

Being that it is a sellers market out there how do you find that perfect piece of real estate in Penticton and the surrounding Okanagan area?

Getting The Perfect Real Estate Deal Phase 1:

Don’t sit on the sidelines. Plan ahead financially while working with your agent. Since you will not be the only investor looking for a deal you need to position yourself so that when that ideal property comes along you can close the deal before someone else does. Getting your financing ready before you go real estate shopping will put you at a distinct advantage to those who try to get a mortgage after they have found a property they like. Do yourself a favor and book an appointment with your Mortgage Broker right away. Another way to increase your advantage is to use a combination Mortgage Broker / Real Estate Agent. This way you can have one person working on getting you the best mortgage value possible while at the same time they also find a suitable property for you.

Decide what your price range is going to be. When you meet with your Mortgage Broker you will want to have a pretty good idea of how much your down payment will be. Also remember to keep some cash aside for legal fees, repairs, and upgrades. It is always a good idea to keep some money stashed away for those unexpected extras.

Getting The Perfect Real Estate Deal Phase 2:

Know exactly what kind of real estate you are looking for. When you meet with your Real Estate Agent / Mortgage Broker establish the kind of property you are looking for. The clearer you are in your real estate investment goals the better your agent will be able to work for you.

Getting The Perfect Real Estate Deal Phase 3:

Act fast when you spot a deal! When you find a property you like don’t be afraid to put in an offer. Often people miss out on a terrific deal that was perfect for them because they held back instead of taking action. In the real estate business you can’t be afraid to make the next move. Yeah it can be a little scary at first, but stick with it and soon you will find exactly what you want.